Three Countries Account for Nearly Two-Thirds of Africa’s Crypto Holders – Study
According to the most recent study by the Policy Center for the New South in Morocco (PCNS), Nigeria had the highest number of cryptocurrency owners (40.5%) of all 33 African countries surveyed.
According to the study, South Africa is the next-highest-ranked African country, with 7.71 million crypto holders. It is third in Africa with 6 million crypto holders, according to the study.
These three countries have the highest percentage of crypto holders of all the surveyed states. They also have the lowest proportion of holders to their population.
This metric shows that South Africa, which has 12.27% of crypto holders, is number one. With 11.85%, Kenya ranks second, while Nigeria is third with 10.33%.
The Urban and Economic Factors are responsible for the rising number of crypto holders
The PCNS study showed that crypto holders in the remaining countries was between one and five per cent. Togo (42.22%) and Ghana (4.3%) are the top two countries in this category. Cabo Verde (1%) ranks lowest.
In Seychelles, home to major cryptocurrency exchanges such as Huobi and Kucoin, the ratio of crypto holders to the estimated 90,000+ inhabitants is 1.33%.
The summary of the PCNS study, commenting on the findings:
This is not a random phenomenon. It is partly explained by the specific demographic, urban, and economic factors of the continent. The technology of cryptocurrency, [how it] allows capital to be transferred more quickly and at lower costs, is the other explanation.
The summary stated that countries which have restricted or banned the use of cryptocurrency like Nigeria should consider regulation.